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Crypto Ecosystem Growth Slowed in January Even as Total Market Cap Rose, JPMorgan Says
Total crypto market cap increased 8% to about $3.4 trillion last month, the report said.
Feb 11, 2025, 2:56 p.m.
What to know:
- Crypto ecosystem growth slowed in January, while total market cap rose, the report said.
- JPMorgan noted that total cryptocurrency market cap increased 8% to about $3.4 trillion last month.
- There was progress on the regulatory front in the U.S. with the establishment of a crypto taskforce, and accounting rule SAB 121 was rescinded, the bank said.
Crypto ecosystem growth slowed in January, with total trading volume dropping 24%, Wall Street bank JPMorgan (JPM) said in a research report Tuesday citing TradingView data.
Still, the activity is double the level before the U.S. election in November and the total market cap increased 8% to roughly $3.4 trillion, the report said. The market cap growth was concentrated in bitcoin (BTC), solana (SOL) and XRP, while "declines in average daily volume (ADV) were broad-based across the ecosystem," the bank said.
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"We think the election was a catalyst for sure, and activity and token price levels are finding their equilibrium in the post-election period," analysts led by Kenneth Worthington wrote.
Decentralized finance (DeFi) and non-fungible tokens (NFTs) fared worse on a monthly basis the report said, with a larger deterioration across a number of metrics.
There has been some progress on the regulatory front.
The new Trump administration established a new crypto taskforce and SAB 121, a controversial accounting rule, was rescinded, JPMorgan said.
Read more: Equities-Crypto Relationship Is Likely to Weaken in the Long Term, Citi Says
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